Maharastra is looking towards blockchain technology to revolutionise e-governance in the state, Economic Times has reported.
The government is set to finalise multiple pilot projects in areas like financial inclusion, insurance, land records, supply-chain financing, and vehicle registrations to make these more transparent and accessible.
Involving blockchain makes transactions made in these areas tamper-proof and universally verifiable, removing the need of intermediaries to attest to them.
The government is looking at several start-ups to implement the projects and the projects are slated to begin in the next few months.
Since blockchain transactions are universally verifiable, involving the technology will help save a lot of time and resources that are otherwise consumed in the aforementioned areas.
Principal Secretary at the state’s IT department, SVR Srinivas said, "We can use blockchain technology in all the processes where one needs to go through past transactions. It will bring down redundant labour.”
“Maharashtra will conduct a study to determine the quantum of investments. The savings will be much more than the investments,” he added.
Several states are looking at blockchain to smoothen out governance with Andhra Pradesh, Telangana and Karnataka already having embarked on incorporating the promising new technology into government systems.